7/21/2011 05:31:00 PM
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Gold Trend
COMEX Gold Aug futures edged down for the second day yesterday and fell by 0.26 percent to close at $1,596.9 per troy ounce from $1,601.1 per troy ounce on 19th July, 2011 as signs of progress towards tackling sovereign debt challenged trimmed safe haven demand.
Spot gold prices traded slightly lower by 0.1 percent today mainly due to a stronger dollar. But sharp decline was cushioned as the global financial markets traded on a choppy note. On the MCX, gold prices traded on a flat note and were hovering at `23,112/10 gms today. Spot silver declined almost 1 percent on the back of downside in the base metals coupled with dollar strength.
Oil Updates
Weak conditions developed in the wholesale oils and oilseeds market today as select edible oil prices fell by up to Rs 50 per quintal on fall in demand at prevailing higher levels amid a weakening global trend.
In the national capital, soyabean mill delivery oil (Indore) shed Rs 50 and soyabean degum oil (Kandla) fell by Rs 30 to Rs 6,200 and Rs 5,800 per quintal, respectively. Crude palm oil (Ex-kandla) lost Rs 30 to Rs 5,120 per quintal. Palmolein (rbd) and palmolein (kandla) oils followed suit and traded lower by Rs 50 each to Rs 5,750 and Rs 5,450 per quintal, respectively. Oil was expected to be pressurized by the weak Chinese Manufacturing report released today but a weaker U.S. Dollar supported the Black Gold.
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